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Collateral Token - The yield-bearing asset you deposit and leverage against on Morpho. Examples: sUSDe, wstETH. Correlated Pair - A collateral-loan combination where both tokens track each other in price. Lower liquidation risk, yield fee model. Deleverage - Closing a leveraged position. Repays debt, withdraws collateral, swaps back to loan token, returns funds. Deposit Fee - An upfront fee (up to 1%) on capital entering non-correlated positions. Flash Loan - A loan borrowed and repaid in the same transaction, no upfront collateral needed. Morpho provides these for free. FlashLeverage - The core protocol mechanism and contract. Uses flash loans to create and close leveraged positions atomically. Liquidation - When Morpho liquidators forcibly close your position because collateral value dropped below the required LTV. You lose everything. Liquidation Buffer - A 2.5% safety margin below the Morpho liquidation LTV. Prevents positions from being created too close to the danger zone. Hardcoded and immutable. Loan Token - The token borrowed from Morpho to create leverage. Examples: USDC, WETH. LTV (Loan-to-Value) - Borrowed amount divided by collateral value. Higher means more leverage and more liquidation risk. Recovery Mode - Emergency feature where the contract owner unlocks a UserProxy so the position owner can directly interact with Morpho contracts to unwind a position that can’t be atomically closed or if the funds get stuck. Morpho - The lending protocol that provides borrowing, lending, flash loans, and liquidation infrastructure underneath Spiral Stake. Non-Correlated Pair - A collateral-loan combination where prices can diverge (like wstETH/USDC). Higher liquidation risk, deposit fee model. Slippage Protection - The minTokenOut parameter on swaps. Makes sure you get at least a minimum amount out, protecting against bad execution. Swap Router - An external DEX aggregator approved by the protocol owner for executing token swaps. Examples: KyberSwap, ODOS. UserProxy - A minimal clone contract created for each position. Holds your Morpho position in isolation so other users’ issues can’t affect you. Yield Fee - A 10% performance fee on realized profits when closing correlated pair positions. Only charged if you actually made money.